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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Monday, July 22, 2024, Vol. 27, No. 146

                           Headlines



A U S T R A L I A

7 CONTRACTING: Second Creditors' Meeting Set for July 26
ALLEGIANCE COAL: Collins St Dispute Won't Proceed to Mediation
GLOBAL STRATEGIC: Second Creditors' Meeting Set for July 25
JOBCO EMPLOYMENT: Second Creditors' Meeting Set for July 25
JUICE ENERGY: Second Creditors' Meeting Set for July 25

MESOBLAST LTD: G to the Fourth, 3 Others Report Stakes
VERMILE PTY: Second Creditors' Meeting Set for July 25


C H I N A

FINGERMOTION INC: Launches Nationwide Emergency Response Solutions
SANSHENG HONGYE: Sells Shanghai HQ at 18% Discount
SINO-OCEAN GROUP: Some Lenders Back Debt Restructuring Proposal


I N D I A

AZAM RUBBER: Liquidation Process Case Summary
BARODA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
BYJU'S: Faces Total Shutdown if Insolvency Proceeds, CEO Says
C. NATARAJAN: CRISIL Keeps B Debt Rating in Not Cooperating
CHAIZUP BEVERAGES: CARE Keeps B+ Rating in Not Cooperating

COUPLE INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
DAISY INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
G.V.D. TEXTILES: CARE Keeps C Debt Rating in Not Cooperating
GO FIRST: Heads for Liquidation After Talks on Bids Come Up Short
GOVIND REALTY: CARE Keeps D Debt Rating in Not Cooperating

GRITTON CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
HYDROBATHS RAMCO: CRISIL Keeps D Debt Ratings in Not Cooperating
INTERLINK FOODS: CRISIL Keeps B Debt Rating in Not Cooperating
JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
JAIPRAKASH ASSOCIATES: Adani Eyes Jaypee Cement Assets Through IBC

JOHAR AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
JSW STEEL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
JUMBO FIREWORKS: CRISIL Keeps D Debt Ratings in Not Cooperating
KETAKI SANGAMESHWAR: CARE Keeps B- Debt Rating in Not Cooperating
MORINDA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating

N. S. POLYMER: CARE Keeps D Debt Ratings in Not Cooperating
NEO BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHAMADHAV AUTOMOBILES: CARE Keeps D Rating in Not Cooperating
RADHARAMAN COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
RAMADA ALLEPPEY: CRISIL Keeps D Debt Ratings in Not Cooperating

RAMI CHANDIDAS: CRISIL Keeps B Debt Ratings in Not Cooperating
ROYSONS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SADARAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
SAS TRADING: CRISIL Keeps C Debt Ratings in Not Cooperating
SILICA HEALTHCARE: CRISIL Moves B+ Debt Rating to Not Cooperating

TIRUPATI COTTON: CARE Keeps B- Debt Rating in Not Cooperating
TRV GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating Category
VARUN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
ZOOM DEALCOMM: Liquidation Process Case Summary


I N D O N E S I A

SORIK MARAPI: Fitch Gives BB+(EXP) Rating on New 7-Yr. Sec. Notes


M A L A Y S I A

SCOMI ENERGY: Seeks Six-Month Extension to Exit PN17 Status


N E W   Z E A L A N D

AKT INVESTMENTS: Grant Bruce Reynolds Appointed as Liquidator
DOUBLE CLOUD: Court to Hear Wind-Up Petition on Aug. 2
NZ LIVING: Creditors' Proofs of Debt Due on Sept. 24
SOS NO:1: Court to Hear Wind-Up Petition on July 25
STRAND CAFE: BDO Tauranga Appointed as Receiver and Manager



P A K I S T A N

PAKISTAN: Looking For External Financing Avenues


P H I L I P P I N E S

DEL MONTE: SGX Quizzes Co. on PHP1.8BB Loans From Campos' Firms


S I N G A P O R E

ASLAN PHARMACEUTICALS: Placed in Provisional Liquidation
CRETE M&C: Court to Hear Wind-Up Petition on Aug. 2
KIM FA: Commences Wind-Up Proceedings
OPHELIA WILD: Court to Hear Wind-Up Petition on Aug. 2
SEABIRD EXPLORATION: Commences Wind-Up Proceedings


                           - - - - -


=================
A U S T R A L I A
=================

7 CONTRACTING: Second Creditors' Meeting Set for July 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of 7 Contracting
Services Pty Ltd has been set for July 26, 2024 at 10:00 a.m. by
Microsoft Teams.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 25, 2024 at 4:00 p.m.

Atle Crowe-Maxwell of DBA Advisory was appointed as administrator
of the company on July 2, 2024.


ALLEGIANCE COAL: Collins St Dispute Won't Proceed to Mediation
--------------------------------------------------------------
Magistrate Judge Christopher J. Burke of the United States District
Court for the District of Delaware has determined that mediation is
not appropriate in the fee dispute between Collins St Convertible
Notes Pty Ltd. and Allegiance Coal USA Limited, et al.

Collins St, the Prepetition Noteholder and DIP Lender, has taken an
appeal from the Bankruptcy Court's Final Omnibus Order Granting
Final Allowance of Fees and Expenses for Retained Professionals
entered in these cases on May 20, 2024. Collins St specifically
appeals from the Bankruptcy Court's allowance of the fee
applications submitted by:

     -- the Debtors' professionals:

        (a) Morris, Nichols, Arsht & Tunnell LLP;
        (b) CRS Capstone Partners, LLC; and
        (c) Stretto, Inc.; and

     -- the professionals hired by the Unsecured Creditors'
        Committee:

        (d) Whiteford, Taylor & Preston LLP; and
        (e) Dundon Advisers LLC

A copy of the May 2024 order is available at
https://cases.stretto.com/public/x232/12092/PLEADINGS/1209205312480000000142.pdf

The case before the District Court is styled, COLLINS ST
CONVERTIBLE NOTES PTY LTD., Appellant, v. ALLEGIANCE COAL USA
LIMITED, et al., Appellees. Civil Action No. 24-656-CFC (D. Del.).

After conducting an initial review of the case, including having
gathered information from the parties and their counsel, the Court
recommends that the assigned District Judge issue an order
withdrawing the matter from mediation.

A copy of the Court's decision dated July 10, 2024, is available at
https://urlcurt.com/u?l=oU6Nt2

The Debtors' case transitioned into an orderly liquidation in
Chapter 11, with the Debtors retaining an auctioneer to sell off
their assets, primarily mining equipment. The cases, however, are
administratively insolvent and the Debtors thus moved to dismiss.
The Debtors' motion to dismiss contemplates establishing a
mechanism for distributing the remaining cash first to satisfy
claims that are subject to the carve-out in the DIP order, and then
to Collins St.  In response, Collins St brought an adversary case
seeking a declaration that the fees incurred by its counsel are
senior to the carve-out from the DIP liens. Collins St sought an
order compelling the payment of its legal fees before any amount is
distributed to the beneficiaries of the DIP carve-out.  The Court
denied this request.

                  About Allegiance Coal USA Limited

Allegiance Coal USA Limited is a listed Australian company focused
on seaborne met coal mine development and operations, with
operating mines in southeast Colorado, central Alabama, as well as
a development project in northwest British Columbia.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on Feb. 21,
2023. In the petition signed by Jonathan Romcke, chief executive
officer, the Debtor disclosed up to $100 million in assets and up
to $50 million in liabilities.

Judge Craig T. Goldblatt oversees the case.

Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
represents the Debtor as legal counsel.


GLOBAL STRATEGIC: Second Creditors' Meeting Set for July 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Global
Strategic Law Pty Ltd has been set for July 25, 2024 at 10:30 a.m.
at the offices of Merchants Advisory at Level 15, 175 Pitt Street
in Sydney and via electronic means.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2024 at 4:00 p.m.

Louisa Sijabat of Merchants Advisory was appointed as administrator
of the company on June 24, 2024.


JOBCO EMPLOYMENT: Second Creditors' Meeting Set for July 25
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Jobco
Employment Services Association Incorporated has been set for July
25, 2024 at 9:30 a.m. via video conference.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2024 at 5:00 p.m.

Rachel Burdett and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on June 20, 2024.


JUICE ENERGY: Second Creditors' Meeting Set for July 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Juice Energy
Pty Ltd has been set for July 25, 2024 at 10:00 a.m. at the offices
of Jirsch Sutherland at Suite 2, Level 14, 383 Kent Street in
Sydney.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2024 at 5:00 p.m.

Trent Andrew Devine and Peter John Moore of Jirsch Sutherland were
appointed as administrators of the company on June 20, 2024.


MESOBLAST LTD: G to the Fourth, 3 Others Report Stakes
------------------------------------------------------
Gregory George, James George, Grant George and G to the Fourth
Investments, LLC disclosed in a Schedule 13G/A Report filed with
the U.S. Securities and Exchange Commission that as of July 9,
2024, they beneficially owned ordinary shares of Mesoblast Limited.
The Shares beneficially owned are as follows:

Reporting Person      Shares Owned   Percent of Class

Gregory George        186,678,344    16.41%
James George            5,538,970     0.49%
Grant George            6,000,000     0.53%
G to the Fourth
  Investments, LLC     61,347,527     5.39%

The ownership represents beneficial ownership of ordinary shares as
represented by American Depositary Receipts by the Reporting
Persons as of July 10, 2024, based upon 1,137,611,751 ordinary
shares of the issuer outstanding as of July 10, 2024.

Gregory George is the sole beneficial owner of 113,791,847 ordinary
shares, which include 6,830,602 ordinary shares underlying warrants
and 40,792,800 ordinary shares held in the form of American
Depositary Receipts.

Mr. George is a manager of G to the Fourth Investments, LLC and has
discretionary authority to vote and dispose of 61,347,527 ordinary
shares held by G to the Fourth Investments, LLC. Gregory George may
be deemed to be the beneficial owner of these shares.

Mr. George has discretionary authority to vote and dispose of
5,538,970 ordinary shares held in the form of ADRs by his son James
George. Gregory George may be deemed to be the beneficial owner of
these shares.

Mr. George has discretionary authority to vote and dispose of
6,000,000 ordinary shares held in the form of ADRs by his son Grant
George. Gregory George may be deemed to be the beneficial owner of
these shares.

Mr. George may be reached at:

     371 Channelside Walkway
     PH 1702
     Tampa, FL 33602

A full-text copy of the SEC Report is available at
https://tinyurl.com/4uedax9n

                      About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited --
https://www.mesoblast.com/ -- is a developer of allogeneic
(off-the-shelf) cellular medicines for the treatment of severe and
life-threatening inflammatory conditions.  The Company has
leveraged its proprietary mesenchymal lineage cell therapy
technology platform to establish a broad portfolio of late-stage
product candidates which respond to severe inflammation by
releasing anti-inflammatory factors that counter and modulate
multiple effector arms of the immune system, resulting in
significant reduction of the damaging inflammatory process.
Mesoblast has locations in Australia, the United States and
Singapore and is listed on the Australian Securities Exchange (MSB)
and on the Nasdaq (MESO).

As of June 30, 2023, the Company had $669.41 million in total
assets, $167.58 million in total liabilities, an $501.84 million in
total equity.

PricewaterhouseCoopers in Melbourne, Australia, the Company's
auditors since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2023, citing that the Company has net cash
outflows from operating activities and is dependent upon
implementing cost containment and deferment strategies and
obtaining additional funding from one or more sources to meet the
Company's projected expenditure consistent with its business
strategy, and has stated that these events or conditions result in
material uncertainty that may cast significant doubt (or raise
substantial doubt as contemplated by PCAOB standards) on the
Company's ability to continue as a going concern.


VERMILE PTY: Second Creditors' Meeting Set for July 25
------------------------------------------------------
A second meeting of creditors in the proceedings of Vermile Pty.
Limited has been set for July 25, 2024 at 2:00 p.m. by virtual
conference.

The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 24, 2024 at 4:00 p.m.

Sam Kaso, Catherine Conneely, and Daniel P Juratowitch of Cor
Cordis were appointed as administrators of the company on June 20,
2024.




=========
C H I N A
=========

FINGERMOTION INC: Launches Nationwide Emergency Response Solutions
------------------------------------------------------------------
FingerMotion, Inc. announced on July 9, 2024, that its
contractually controlled subsidiary, Shanghai JuiGe Information
Technology Co., Ltd. has ventured into the development of crisis
and emergency response solutions specifically for collaboration
with dispatchers, first-responders and healthcare agencies in the
event of emergency situations in China. JiuGe Technology has
received its first order for its Advanced Mobile Integrated Command
and Communication Platform, to be installed in all vehicles and
apparatuses involved in the country's civil emergency crisis
program.

The C2 Platform is designed to efficiently unify various disaster
communication systems, such as emergency vehicles, satellites,
mobile cell towers and unmanned aerial vehicles. The platform
integrates voice, video, and data into a unified interface,
streamlining workflows and offering comprehensive insights for
enhanced decision-making with better focus, accuracy and speed.

The C2 Platform is expected to be initially installed into the
Mobile Command and Communication Vehicle, a technological
collaboration with SAIC Motor Corp., Ltd. These Vehicles are
equipped with integrated audio and video conference systems,
providing seamless communications with satellite systems, video
systems (including live video streaming from drones), and other
radio communication networks, ensuring accurate data is transmitted
in real-time between incident sites and emergency response
centres.

This will provide the federal, provincial and local emergency
response centres with enhanced real-time visibility to access,
assess and analyse the situation at remote sites, allowing for
quick decision-making and effective resource management.

Driven by the PRC's nationwide initiative to improve response
capabilities for crisis and emergency situations, demand for both
the C2 Platform and the Vehicles have dramatically increased. The
first contract with Zhejiang province is for two Vehicles, and
JiuGe Technology has already been engaged by local authorities in
Zhejiang and other provinces to install the C2 Platform in more
Vehicles to be purchased for additional areas. This marks a
significant milestone in FingerMotion's commitment to expanding the
Company's suite of technology products and services in and outside
of China.

"We are thrilled to introduce these innovative solutions tailored
specifically for emergency response scenarios as part of our
efforts to support the nationwide initiative to enhance disaster
response capabilities," said Martin Shen, CEO of FingerMotion. "At
FingerMotion, we are driven by a mission to harness our technology
in ways that make a tangible difference in people's lives. These
innovations will not only improve the effectiveness of emergency
responders but also enhance public safety and well-being. We are
honoured to have been selected for this critical project."

"We are committed to the ongoing research and development efforts
aimed at providing solutions to meet the evolving needs of crisis
and emergency operations," said Mr. Shen. "This first contract is a
testament to our team's expertise and the trust that industry
leaders place in our technological capabilities. We expect a steady
demand for our C2 Platform and Vehicles in the coming years as a
result of this initiative."

                    About FingerMotion, Inc.

FingerMotion is an evolving technology company with a core
competency in mobile payment and recharge platform solutions in
China.

As of February 29, 2024, the Company had $18,814,814 in total
assets, $6,753,915 in total liabilities, and total shareholders'
equity of $12,060,899.

Hong Kong-based Centurion ZD CPA & Co., the Company's auditor since
2017, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.

SANSHENG HONGYE: Sells Shanghai HQ at 18% Discount
--------------------------------------------------
Yicai Global reports that Sansheng Hongye Investment Group has sold
its headquarters building in Shanghai at an 18 percent discount
from its estimated value.

According to Yicai, Shanghai Wanjie Business Management placed the
CNY830 million (USD110 million) winning bid for Sansheng Hongye's
HQ building, located on the Bund in Shanghai, at an auction on
Alibaba Auction on July 17. The starting price was CNY730 million.

A first auction for Sansheng Hongye's HQ, with a starting price of
CNY800 million, was held last month, but no bidders participated,
Yicai notes. The estimated value of the building was just over CNY1
billion (USD138 million).

Wanjie Business Management was established one month ago with a
registered capital of only CNY100,000 (USD13,780), according to
public corporate information.

Sansheng Hongye's HQ is in a prime location with a river view,
making it a highly attractive property at that price, said Cai
Feng, executive director for East China capital markets at Cushman
& Wakefield. The market does not lack buyers, and more transactions
like this one are expected to occur in the future, he added.

Sansheng Hongye was once among Shanghai's top 100 property
developers. Its performance began to decline in 2019 for various
reasons, including business diversification and the downturn of the
real estate market.

In 2021, the China Securities Regulatory Commission punished
Sansheng Hongye's founder Chen Jianming for stock manipulation,
which resulted in the confiscation of illegal gains and a 10-year
ban from the securities market, Yicai recalls. Many of the
company's assets were later put up for auction.

Sansheng Hongye's debt totaled nearly CNY32.9 billion (USD4.5
billion) as of April 9, Yicai discloses citing a statement released
by the Shanghai Bankruptcy Court in May. The company's total assets
were about CNY22.9 billion in December last year.

If Sansheng Hongye's restructuring advances smoothly, there is a
possibility that the firm could regain or enhance its debt
repayment capabilities, the Shanghai Bankruptcy Court noted.
However, there are still uncertainties, Yicai states.

Sansheng Hongye Investment Group is a real estate development
company that also deals in science and technology, big data, marine
investment, financial investment, strategic emerging, urban
construction, and health.


SINO-OCEAN GROUP: Some Lenders Back Debt Restructuring Proposal
---------------------------------------------------------------
Bloomberg News reports that defaulted builder Sino-Ocean Group
Holding Ltd. is working to garner enough support to help secure
approval for its debt restructuring plan, but remains far short of
the needed backing amid opposition from a key bondholder group.

Bloomberg relates that the company has support from a lender group
representing about half of the company's so-called Class A debt,
Sino-Ocean said in a July 18 filing with the Hong Kong stock
exchange. Lenders have either entered into a restructuring support
agreement or are going through internal procedures to obtain the
relevant approvals to do so.

According to Bloomberg, the builder still needs to get wider
support from other creditors. Disagreements among creditor groups
can slow the progress of debt overhuals. Such disputes can also
contribute to the collapse of restructuring proposals, as was the
case with China Evergrande Group last year.

Under the proposed restructuring, there are four classes of
creditors and all bondholders are grouped into three of these.
Sino-Ocean aims to garner the support of 75% of each of class
participating in a vote on the restructuring by August, according
to a person familiar with the matter.

An ad-hoc group of creditors said it is "strongly against" the
proposal and called for terms to be improved, Bloomberg relays. It
said there is concern about a lack of transparency from Sino-Ocean
and that an open call is being arranged for as soon as early next
week.

Bloomberg says the ad-hoc group holds more than 25% of the debt in
at least two of the classes, which it said is enough to block the
restructuring plan. The group has called for major shareholder
China Life Insurance Co. to bolster support for Sino-Ocean. It is
also seeking enhancements to the current restructuring plan,
including increased upfront payments, it said July 19.

So far, China Life Insurance Co. has been a passive participant in
the talks, the person familiar with the matter said.

Sino-Ocean sent the restructuring proposal to the ad-hoc group a
month ago, the person, as cited by Bloomberg, said.

The ad-hoc group said it has also called for a reduction of the
haircut that creditors are expected to take in the plan.

Sino-Ocean suspended payments on all offshore borrowings in
September 2023, one of dozens of Chinese builders to default on
dollar-denominated debt as the country's property crisis persists,
Bloomberg recalls. The company said earlier this year that it would
prioritize repaying local debt.

Bloomberg says the builder also faces legal proceedings that could
result in its liquidation. A winding-up petition was filed against
it last month, and the first hearing has been set for Sept. 11.

Bloomberg adds that Sino-Ocean said in a separate exchange filing
July 18 that its board views the effort as not representative of
others stakeholders' interests "and may impair the value of the
company."

                       About Sino-Ocean Group

Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.  

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2023, Moody's Investors Service has downgraded Sino-Ocean Group
Holding Limited's corporate family rating to Ca from Caa2.

At the same time, Moody's has downgraded to C from Caa3, the backed
senior unsecured ratings on the bonds issued by Sino-Ocean Land
Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II
Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by
Sino-Ocean.

The outlook remains negative.




=========
I N D I A
=========

AZAM RUBBER: Liquidation Process Case Summary
---------------------------------------------
Debtor: Azam Rubber Products Private Limited
        Al-9, Sector-13
        Gida Industrial Area
        Sahjanwa, Gorakhpur
        Uttar Pradesh - 273209

Liquidation Commencement Date: July 4, 2024

Court: National Company Law Tribunal, Allahabad Bench

Liquidator: Rajeev Ranjan Singh
            Flat No.14049, 16 Avenue
            Gaur City-2 ,Greater Noida West
            Gautam Buddha Nagar
            Uttar Pradesh 201310
            Email: ip.rajeevsingh@gmail.com

            -- and --

            532, 5th Floor, Somdatt Chamber-II
            Bhikaji Cama Place
            New Delhi 110066
            Email: azamrubber.ibc@gmail.com

Last date for
submission of claims: August 4, 2024


BARODA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baroda Agro
Chemicals Limited (BACL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.61       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 10, 2023,
placed the rating(s) of BACL under the 'issuer non-cooperating'
category as BACL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BACL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 25, 2024, April 4, 2024, April 14, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Vadodara-based (Gujarat) Baroda Agro Chemicals Limited (BACL) was
incorporated on January 17, 1996. BACL has been engaged in toll
manufacture of agro-chemical inputs. BACL built good manufacturing
facilities, technology, practices and knowledge, which has made it
a leader in toll manufacturing for agro-inputs in India. The
company is operating from its sole ISO certified manufacturing
facilities located at Panelav, Village Halol, Vadodara. BACL also
does job work on the raw materials received from its customers and
deliver the final product in turn. Final product of BACL i.e.,
pesticides and insecticides of various grades and types finds its
application fertilizers and pesticides, mainly used in agro
industries. The associate concerns of BACL, namely Ravi Plant
Biotechnologies Limited is engaged into business of metals and
chemicals and India Farmcare Private Limited which is engaged into
marketing pertaining to innovation in the areas of Crop Protection
Products, Fertilizers, Irrigation Systems and Agricultural
Implements.


BYJU'S: Faces Total Shutdown if Insolvency Proceeds, CEO Says
-------------------------------------------------------------
Reuters reports that insolvency proceedings against ed-tech giant
Byju's, once India's biggest startup valued at $22 billion, will
likely force thousands of employees to quit and result in a total
shutdown of its services, its CEO said in a court filing seen by
Reuters.

Reuters says Byju's, backed by investors like Prosus and General
Atlantic, has suffered numerous setbacks in recent months,
including job cuts, a collapse in its valuation and a tussle with
investors who accused CEO Byju Raveendran of corporate governance
lapses. Byju's has denied any wrongdoing.

Now Byju's is facing its biggest crisis after an Indian tribunal
last week triggered insolvency proceedings following a complaint by
the country's cricket board over an outstanding payment of $19
million related to a sponsorship deal. Byju's assets have been
frozen and its board has been suspended, Reuters notes.

Reuters relates that the insolvency process will likely cause
vendors who provide critical services to Byju's for the upkeep of
online platforms to declare a default, "leading to a total shut
down of services" and bringing the operation to "a grinding halt,"
Raveendran said in a court appeal seeking to quash the insolvency
process.

The 452-page filing at the High Court of Karnataka, made by
Raveendran's counsel MZM Legal, is not public but has been reviewed
by Reuters, and details the possible business impact on the company
for the first time.

The court will hear the case today, July 22.

The company's employees "shall suffer . . . and may be forced to
leave the organization," the filing added, saying Raveendran was
willing to pay the oustanding dues to the Indian cricket board
within 90 days.

                            About Byju's

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

As reported in the Troubled Company Reporter-Asia Pacific, the
Enforcement Directorate, India's federal financial crime-fighting
agency, issued a show-cause notice to education tech company Byju's
for alleged violations of foreign exchange rules, the agency said
in a statement on Nov. 11, 2023.

Reuters said the agency alleged violations by the company worth
over INR93 billion ($1.12 billion) under the Foreign Exchange
Management Act (FEMA), and has sent notices to founder Byju
Raveendran and parent company Think & Learn Pvt Ltd. Byju's
violated FEMA norms by not submitting documents of imports against
advance remittances made outside India, and failing to realize
proceeds of exports, the Enforcement Directorate said. The company
also delayed filing of documents against the foreign investment
received and failed to allot shares against these, it added.

The TCR-AP, citing Moneycontrol, reported on Jan. 26, 2024, that
foreign lenders, who collectively extended more than 85% of Byju's
$1.2 billion term loan, have filed an insolvency petition against
the online tutor in India. Moneycontrol related that the bankruptcy
petition was filed in January 2024 in the Bengaluru bench of the
National Company Law Tribunal (NCLT), the people said, requesting
anonymity.

BYJU's Alpha, Inc., a U.S. unit of Byju's, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.
24-10140) on Feb. 1, 2024.  In the petition signed by Timothy R.
Pohl, chief executive officer, the Debtor disclosed up to $1
billion in assets and up to $10 billion in liabilities.


C. NATARAJAN: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of C. Natarajan
(Natarajan) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             8.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Natarajan
for obtaining information through letter and email dated June 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Natarajan, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Natarajan is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Natarajan continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Natarajan is a proprietary firm of Mr. C Natarajan. The firm
operates windmills in Tirunelveli, Tamil Nadu, with an installed
capacity of 3.225 megawatts.


CHAIZUP BEVERAGES: CARE Keeps B+ Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chaizup
Beverages LLP (CBL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 17, 2023,
placed the rating(s) of CBL under the 'issuer non-cooperating'
category as CBL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CBL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 2, 2024, March 12, 2024, March 22, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

M/s Chaizup Beverages LLP (CBL) was established as a partnership
firm in 2015 by Mr. Harsh Poddar and Mr. Laxmikant Taunk.  The firm
is engaged in export of blended tea of five variants viz.
Darjeeling tea, Dooars tea, Assam tea, Cachar tea and South Indian
tea. The firm sources tea directly from tea gardens via brokers and
tea auction. CBL is acknowledged as "One Star Export House". The
firms export market mainly comprises of Asian subcontinents. The
day-to-day affairs of the company are looked after by Mr. Harsh
Poddar, designated partner of the firm.

COUPLE INT'L: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Couple
International Private Limited (CIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing        5.9         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Term Loan             0.1         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             0.02        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             0.36        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       0.09        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with CIPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of CIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CIPL continues to be 'CRISIL D Issuer Not Cooperating'.

CIPL, incorporated in 1998, manufactures and exports ready-made
garments, primarily shirts, tops, skirts, and blouses, among
others. It has a manufacturing capacity of 1 million pieces per
annum at its facility in Noida (Uttar Pradesh). The operations are
managed by the promoter, Mr. Rituraj Gupta.


DAISY INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Daisy
Industries (DI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          2.5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Term Loan            3.5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DI for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of DI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2012 as a proprietorship firm by Mr. Ravi Agrawal,
DI manufacturers HDPE fabrics, water proof canvas, tarpaulins, and
various types of tents at its facility in Umbergaon, Gujarat.


G.V.D. TEXTILES: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of G.V.D.
Textiles Private Limited (GTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.76       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 26, 2023,
placed the rating(s) of GTPL under the 'issuer non-cooperating'
category as GTPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 11, 2024, March 21, 2024, March 31, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Coimbatore based, G.V.D. Textiles Private Limited (GTPL) was
incorporated on November 11, 1983. It is engaged into manufacturing
of cotton yarn. GTPL is a part of PSG Group, which was established
in the year 1926. PSG Group has been in existence for over 8
decades and has diverse business interests ranging from educational
institutions, hospitals, science and technology, research,
textiles, metallurgy & foundries etc. in Tamil Nadu. GTPL has an
installed capacity of 16,384 spindles in its manufacturing unit
located at Coimbatore, Tamil Nadu.


GO FIRST: Heads for Liquidation After Talks on Bids Come Up Short
-----------------------------------------------------------------
The Economic Times reports that creditors to the Go First airline
are set to move towards liquidation of the airline after finding no
headway between banks and the two prospective bidders, five months
after bids were formally received for the Wadia Group-owned
carrier, said people familiar with the matter.

ET relates that lenders are putting final touches to a voting
proposal seeking liquidation of the airline after both the bids -
from a consortium of EaseMyTrip CEO Nishant Pitti and SpiceJet
chairman Ajay Singh, and from Sharjah-based Sky One Aviation - were
below their expectations. The voting proposal may be put up before
the committee of creditors this week, the people said.

"Some processes like selection of proposed liquidator, calculating
the cost of liquidation and funding of liquidation are being done,
after which the proposal will be put to vote this week," said one
of the persons, who did not wish to be identified, ET relays.

The timeframe for the insolvency process ends on August 3, before
which creditors are likely to come to a decision.

"After negotiations with bidders, there was little scope for any
increase. More importantly, both the bids were dependent on the
ongoing arbitration claims in Singapore which lenders themselves
are eyeing, so there is no point in dragging on this process now,"
the person, as cited by ET, said.

ET's queries emailed to resolution professional Shailendra Ajmera
and lead lender Central Bank of India did not elicit a response
till press time. Lenders expect a better recovery from the
airline's ongoing arbitration proceedings in Singapore against
US-based engine maker Pratt & Whitney (P&W) than giving away the
rights in the ongoing case by selling the airline.

They have sought more than $1 billion from P&W, accusing it of
supplying faulty engines that were not replaced on time, resulting
in the grounding of half the airline's fleet and leading it to
bankruptcy.

"Creditors expect more than $1 billion from the arbitration which
is close to INR8,500 crore in today's prices. Yes, there is a risk
that the arbitration may not go the airlines' way or P&W itself may
not be able to fulfil the claims, but this is now an all or nothing
call," ET quotes a second person aware of the process as saying.

Both bidders have taken the arbitration claims as part of their
bids, ET notes. While Sky One Aviation has offered INR735 crore
upfront in cash and up to 20% of arbitration claims in the future,
Ajay Singh has offered to pay INR650 crore over 12 months and 10%
of arbitration claims.

Besides arbitration claims, creditors are expecting a minimum of
INR1,965 crore from an auction of a prime 94-acre land parcel kept
as collateral with them in Thane near Mumbai, ET says. Creditors
have taken the call that these two recoveries are more feasible
than selling the airline at a throwaway price.

Go First owes creditors about INR6,200 crore. Central Bank of
India, Bank of Baroda and IDBI Bank are the secured creditors with
INR1,934 crore, INR1,744 crore and INR75 crore of admitted claims,
respectively, ET discloses.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


GOVIND REALTY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shri Govind
Realty Private Limited (SGRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.76       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 21, 2023,
placed the rating(s) of SGRPL under the 'issuer non-cooperating'
category as SGRPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SGRPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 6, 2024, March 16, 2024, March 26, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Bhopal (Madhya Pradesh) based, Shri Govind Realty Private Limited
(SGRPL) was incorporated in April 2008 with an objective to carry
out real estate business. SGRPL has developed shopping cum
commercial mall "Aashima Mall" located at Hoshangabad Main road
Bhopal which is one of the prime and centre location of Bhopal. The
mall got operational from April 2012. Aashima Mall has a saleable
area of around 3.50 lakh square feet (sq. ft) and is divided into
two areas, one for the retail shops and other in corporate office
zone. Out of total area till November 20, 2019, it has sold around
1,24,914 sq. ft (against 80,000 sq. ft till August 21, 2018) and
leased around 224119(against 2,09,000 sq. ft till August 21, 2018).
Aashima Mall houses some of the leading brands and entertainment
outlets including Reliance Market, Reliance Trends & Reliance
Footprint, Reliance Digital, Adidas, Woodland, Bata, Mochi,
Cinepolis, Dominos, Nokia and Café Coffee Day and so on.


GRITTON CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gritton
Ceramics Private Limited (GCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            8.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GCPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of GCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2014, GCPL is promoted by Ahmedabad, Gujarat-based
Mr Ashok Garg, Mr Pervinderkumar Mechu, and Mr Rameshbhai Patel.
The company manufactures ceramic wall tiles.


HYDROBATHS RAMCO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hydrobaths
Ramco Marketing Private Limited (HRMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.25        CRISIL D (Issuer Not
                                     Cooperating)

   Import Letter         2.50        CRISIL D (Issuer Not
   of Credit Limit                   Cooperating)

   Term Loan             1.25        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with HRMPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of HRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 2000 as a proprietorship firm by Mr Vineet Bhutani and
reconstituted as a private limited company in 2009, HRMPL trades in
tiles and sanitary ware products. The company owns a showroom in
Gurugram.


INTERLINK FOODS: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Interlink
Foods Private Limited (IFPL; a part of the DFAPL group) continues
to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           15        CRISIL B/Stable (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with IFPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of IFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has factored in
business and financial support received by IFPL from its parent,
DFAPL.

DFAPL, incorporated in 2005, manufactures weaning food and
amylase-rich energy food for the Uttar Pradesh government, under
the ICDS programme. Mr Naveen Khandelwal and Mr Praveen Khandelwal
manage the business.

IFPL, established in 2012, manufactures ready-to-eat energy foods
for food for supply to government departments of Uttar Pradesh and
Jharkhand under the ICDS programme. DFAPL holds 51.3% stake in
IFPL. IFPL has two manufacturing facilities, one in Ranchi and
other one established recently in Bareilly, Uttar Pradesh to cater
to a new order received from Uttar Pradesh government.


JAI HANUMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Hanuman
Agrotech Private Limited (JHAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     0.18       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.62       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JHAPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JHAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JHAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JHAPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

JHAPL was set up by Mr Santosh Kumar, Mr Ajeet Kumar and Mr. Pramod
Kumar for providing a multipurpose cold storage facility in Patna.
The total capacity is 10,000 tonne and has been operational since
March 2015.


JAIPRAKASH ASSOCIATES: Adani Eyes Jaypee Cement Assets Through IBC
------------------------------------------------------------------
Moneycontrol reports that the Adani group, which with ACC and
Ambuja Cement in its stable is India's second largest cement maker,
is seeking to, well, cement its place on the leaderboard. It has
started drawing up plans to acquire the Jaypee group's cement
assets of over 9 million tonnes per annum (mtpa), people aware of
group's plans told Moneycontrol after lenders to the beleaguered
company initiated insolvency and bankruptcy proceedings against it
in early June

On June 3, the National Company Law Tribunal (NCLT) court in
Allahabad admitted Jaiprakash Associates Ltd for corporate
insolvency, nearly six years after lender ICICI Bank had filed an
application.

Moneycontrol relates that the people cited said that the beginning
of insolvency proceedings against Jaiprakash has opened a window of
opportunity for Adani to acquire the company's cement and
associated assets such as limestone mines and a power plant. The
group has already started working on plans to acquire these assets,
they added.

To be sure, the people cited cautioned that these are early days
for the bankruptcy proceedings, with Jaiprakash being admitted to
the NCLT last month and its committee of creditors having met only
once so far, on June 29, Moneycontrol notes. No formal sale process
for assets of Jaiprakash Associates has been initiated as of now.

Moneycontrol says the insolvency proceedings against Jaiprakash
Associates is expected to heat up competition in the fast
consolidating cement industry, which has been witnessing large
players like UltraTech, Adani, Dalmia and JSW Cement vie for assets
across the country.

                    About Jaiprakash Associates

Jaiprakash Associates Ltd (JAL) is the flagship company of the
Jaypee group and is engaged in engineering and construction,
cement, real estate and hospitality businesses. JAL was one of the
leading cement manufacturers with an installed capacity of ~28
million tonnes per annum (mtpa) and under implementation capacity
of ~5 mtpa on a consolidated basis as on March 31, 2018. JAL is
also engaged in the construction business in the field of civil
engineering, design and construction of hydro-power, river valley
projects. JAL is also undertaking power generation, power
transmission, real estate, road BOT, healthcare and fertilizer
businesses through its various subsidiaries/SPVs.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

In September 2018, ICICI Bank had filed an insolvency petition
against JAL under Section 7 of IBC.

On June 3, 2024, the Allahabad bench of National Company Law
Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank.
The tribunal also appointed Bhuvan Madan as Interim Resolution
Professional of JAL after suspending the board of the company.


JOHAR AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Johar
Automobiles (JA) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility      6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JA for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JA
continues to be 'CRISIL D Issuer Not Cooperating'.

JA, based in Noida (Uttar Pradesh), deals in commercial vehicles of
TML. The firm is promoted by Mr. Charanpreet Singh Johar and Mr.
Jaspreet Singh Johar.


JSW STEEL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed India-based JSW Steel Limited's (JSWS)
Long-Term Issuer Default Rating (IDR) at 'BB' with a Stable
Outlook.

The agency has also affirmed the rating on the outstanding bonds of
JSWS and its subsidiary, Periama Holdings, LLC, which are
guaranteed by JSWS, at 'BB'. The notes are guaranteed to the extent
of 125% of outstanding principal. Fitch considers the guarantee
full and worthy as it would cover 100% of principal payments plus
all interest accrued up to the point at which all principal is
paid, as per Fitch's criteria.

The Stable Outlook reflects its expectation JSWS's EBITDA leverage
will remain below 3.7x, the threshold above which Fitch may takes
negative rating action, in the next three years. Fitch expects
EBITDA leverage will improve, driven by robust volume during the
financial year ending March 2025 (FY25) to FY26. JSWS's strong
business profile is supported by its low-cost position, a majority
share of value-added and special products in sales, and a large
scale.

Its base-case forecast implies that JSWS will adhere to its own
target net debt/EBITDA of below 3.75x. Its ratings have headroom
for capex that is higher than its expectations for steelmaking
capacity growth or debt-funded coking coal acquisitions.

KEY RATING DRIVERS

Leverage to Improve: Fitch expects free cash flow (FCF) to be
negative, but forecast JSWS's EBITDA leverage will be flat in in
FY25 before improving to 3.1x in FY26 (FY24: 3.5x) on higher
EBITDA. JSWS will benefit from robust sales volume growth as well
as a gradual improvement in the EBITDA margin on better
demand-supply balance for the industry. Fitch expects its
standalone unit EBITDA margin to improve to USD130 per tonne (t) by
FY26, from USD125/t in FY24.

Robust Volume Growth: Fitch expects the sales volume of JSWS's
Indian operations to rise by 7% and 21% in FY25 and FY26,
respectively, driven by higher steel demand in India. Fitch expects
JSWS's steelmaking capacity to rise by 8.5 million tonnes per annum
(mtpa) in FY25 as it is commissioning 5mtpa capacity at Vijayanagar
and 1.5mtpa at subsidiary Bhushan Power and Steel Ltd. (BPSL).

It will also add around 2mtpa capacity at its Vijayanagar plant by
undertaking a four-five-month shutdown of one of its blast furnaces
in 2HFY25. JSWS also has the option to increase exports due to its
globally competitive cost position.

Higher Capex; Negative FCF: Fitch expects capex to rise to over
INR200 billion annually starting FY25 (FY24: around INR160
billion). JSWS plans to add 5mtpa at its Dolvi plant by FY28
following the capacity expansion at its Vijayanagar plant and BPSL
by FY25. JSWS also intends to invest in mining equipment and
facilities, and upgrade its US and Italian operations. Fitch
forecasts FCF to remain negative over FY25-FY27, with robust
operating cash flow offset by its large capex. Fitch expects JSWS
to continue to invest to expand its steelmaking capacity in India
over the next decade.

Cost-Efficient Operations: JSWS's Indian operations are highly
efficient and benefit from low labour costs. Its plants at
Vijayanagar and in Odisha state, which is operated by BPSL, are in
the first half of research group CRU's global crude steel site cost
curve for 2024. The robust cost positions of these assets result in
JSWS's overall weighted-average cost position being in the first
half of the global cost curve, despite high costs associated with
manufacturing units in Ohio, US, and Italy that are in the fourth
quartile.

Limited Iron-Ore Production Benefit: JSWS expects its iron ore
mines in Odisha and Karnataka states in India to supply around 35%
of its iron ore requirement in FY25. JSWS's captive iron ore
operations result in improved supply certainty and lower logistics
costs. However, the cost of production for the mines, including
royalties, is close to Indian benchmark prices due to the royalty
structure that links it to domestic iron ore prices.

Coking Coal Asset Acquisitions Likely: JSWS is in the process of
commissioning three coking coal mines in India. It also acquired a
92% stake in a prime hard coking coal mine in Mozambique in May
2024, which is in the pre-development stage, for USD74 million.
JSWS is keen to acquire additional coal assets in India and
abroad.

Fitch has not incorporated any large coking coal asset acquisitions
in its forecast. Fitch believes JSWS's EBITDA leverage is unlikely
to be materially affected by a debt-funded acquisition, even if
transaction size is over USD500 million, given the rating headroom.
Fitch also believes that such an acquisition may be at a modest
multiple, based on market pricing for coking coal assets, with
several recent transactions valued at an enterprise value/EBITDA of
below 4.0x.

DERIVATION SUMMARY

The ratings on Tata Steel Limited (TSL, BBB-/Negative), JSWS's
close Indian peer, incorporate a one-notch uplift from its
Standalone Credit Profile (SCP) of 'bb+' due to potential support
from Tata Group. TSL's Indian operations have better vertical
integration and a higher EBITDA margin than that of JSWS. In
addition, risks to TSL's credit profile from a weaker cost position
in Europe will be reduced with the transition to electric arc
furnace-based production capacity in the UK. TSL's EBITDA leverage
in FY24 was higher than JSWS's due to losses in Europe, but Fitch
estimates TSL will have a better leverage profile starting FY25.
These factors support its assessment of a higher SCP for TSL.

JSWS can also be compared with similarly rated global peers United
States Steel Corporation (U.S. Steel, BB/Rating Watch Positive) and
Usinas Siderurgicas de Minas Gerais S.A. (Usiminas, BB/Stable).

U. S. Steel is an integrated producer of flat-rolled steel and
tubular products with operations in North America and Europe, whose
rating may be upgraded if the proposed acquisition by Nippon Steel
Corporation is successfully completed. U.S. Steel has a weaker cost
position than JSWS, in the third quartile of the global cost curve.
However, U.S. Steel is shifting its focus to flexible and
lower-cost, more-efficient mini mills, which Fitch believes will
improve its overall cost position and reduce earnings volatility.
U.S. Steel also has better raw material self-sufficiency and its
EBITDA leverage of 2.2x in 2023 was lower than JSWS's in FY24.
Fitch thinks that JSWS's stronger business profile, based on a
better cost position, balances its weaker financial profile with
higher leverage.

Brazilian steelmaker Usiminas is the largest domestic supplier of
cold rolled and electro-galvanized steel products. The company has
a production capacity of 5mtpa of crude steel and around 10mtpa of
iron ore. Compared with JSWS, Usiminas has a weaker cost position
in steel in the fourth quartile of the global cost curve. However,
Fitch thinks its business profile benefits from significant iron
ore output, a portion of which can be sold externally to boost cash
flow. Usiminas's EBITDA leverage of 3.4x in 2023 was similar to
JSWS's in FY24.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Sales volume CAGR of 11% from operations in India over
FY25-FY27;

- Annual standalone EBITDA per tonne of around INR10,500 in FY25
and INR10,800 thereafter;

- Annual EBITDA contribution from subsidiaries to increase to
around INR150 billion by FY27, from around INR80 billion in FY25;

- Average annual consolidated capex of around INR230 billion over
FY25-FY27.

RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- EBITDA leverage (total debt to EBITDA) below 2.7x for a sustained
period.

- Sustained neutral-to-positive FCF.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- EBITDA leverage above 3.7x for a sustained period.


LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: At end-March 2024, JSWS's readily available
cash and cash equivalents of INR121 billion were insufficient to
meet its short-term working-capital debt, including a portion of
trade acceptances of INR151 billion and other debt maturities of
INR155 billion in FY25. However, Fitch expects JSWS to manage its
liquidity by rolling over its short-term debt and acceptances,
supported by its healthy business profile and industry conditions.

Fitch expects JSWS to refinance a significant portion of its
long-term debt maturities over the next two years, relying on its
robust access to diverse financial sources, such as domestic and
international banks and public markets. However, Fitch thinks the
company would be able to meet its repayment obligations by cutting
discretionary capex and using cash freed from the drawdown of
available capex and working-capital facilities, if market
conditions hinder refinancing efforts.

JSWS had unutilised working-capital lines, fund- and
non-fund-based, of around INR240 billion and capex facilities of
around INR175 billion at 31 March 2024. The working-capital lines
are generally renewed every year. Fitch estimates annual
maintenance capex requirements to be around INR45 billion.

ISSUER PROFILE

JSWS is the leading steelmaker in India, with a primary steelmaking
capacity of 28mtpa in operation in the country as of FYE24, and a
flat-product-focused portfolio. The company also has smaller assets
in the US and Italy.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
JSW Steel Limited     LT IDR BB  Affirmed    BB

  senior unsecured    LT     BB  Affirmed    BB

   senior unsecured   LT     BB  Affirmed    BB

Periama Holdings,
LLC

   senior unsecured   LT     BB  Affirmed    BB


JUMBO FIREWORKS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jumbo
Fireworks India Private Limited (JFIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit          11           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             1           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JFIPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of JFIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JFIPL continues to be 'CRISIL D Issuer Not Cooperating'.

JFIPL, incorporated in 2011, manufactures pyrotechnics. The company
is based in Sivakasi, Tamil Nadu, and is managed by Mr Raja Singh
and Mr Subash Singh.


KETAKI SANGAMESHWAR: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ketaki
Sangameshwar Industries (KSI) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 9, 2023,
placed the rating(s) of KSI under the 'issuer non-cooperating'
category as KSI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KSI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 24, 2024, April 3, 2024, April 13, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Telangana based, Ketaki Sangameshwar Industries (KSI) was
established on April 3, 2017 and started commercial operat ions
from November 20, 2017. The firm was established as a partnership
firm by Mr. Raghavendra B Bacha (Managing Partner) along with his
family members. Mr. Raghavendra B Bacha manages the overall
business operations of KSI. The firm is engaged in the cotton
ginning and pressing activity with a total installed capacity of
300 bales per day and 50 quin tals for cotton seeds per annum. The
firm procures raw cotton from farmers located at Sangareddy dist
and final product (Bales) are sold to customers in Tamil Nadu,
Mumbai, Gujarat, Hyderabad etc. The manufacturing unit of the firm
is located at Sangareddy Dist , Telangana.


MORINDA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Morinda Rice
and Gen. Mills (MRGM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.25       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.75       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MRGM for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of MRGM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MRGM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MRGM continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1981 as a proprietorship entity and promoted by Mr.
Prem Singh, Morinda Rice & Gen. Mills (MRGM) is engaged in the
milling and processing of paddy into non-basmati rice. It has an
installed paddy milling capacity of 10 tonnes per hour (tph) at
Ropar district in Punjab.


N. S. POLYMER: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of N. S.
Polymer (NSP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.48       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.35       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated May 12, 2023,
placed the rating(s) of NSP under the 'issuer non-cooperating'
category as NSP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NSP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2024, April 6, 2024, April 16, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

N. S. Polymer was established in December 2016 with an objective to
enter into the manufacturing of plastic products (Plastic chair,
table and other plastic household products) business. The
manufacturing unit of the entity is located at Vill: Talai, P.O:
Jarur, PS: Raghunathganj, Dist: Murshidabad, West Bengal: 742235
with an installed capacity of 3264 tons per annum. The entity
started its operation from August 2018. Mr. Nawab Hossain (Partner)
along with other partners Mrs. Sufia Bibi (Partner) and Mr. Imran
Hossain (Partner) are looking after the day to day operation of the
entity who have significant experienced in similar line of
business.


NEO BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Neo Builders
and Developers (NBD) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             10         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             10         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NBD for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NBD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NBD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NBD continues to be 'CRISIL D Issuer Not Cooperating'.

NBD was setup in 2005, as a sole proprietorship concern of Mr.
Naresh Mehta. The firm is engaged in residential real estate
development in Mumbai. The firm is currently undertaking
redevelopment project at Girgaon, Mumbai.


RADHAMADHAV AUTOMOBILES: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radhamadhav
Automobiles Private Limited (RAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      70.87       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 28, 2023,
placed the rating(s) of RAPL under the 'issuer non-cooperating'
category as RAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 13, 2024, March 23, 2024, April 2, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Radhamadhav Automobiles Private Limited (RAPL) belongs to Radha
Group Toyota of Vijayawada, Andhra Pradesh established in 1964 as a
trading organization. Radha Group Toyota is engaged in the business
of sales and service of passenger vehicles o f Toyota Kirloskar
Motors Pvt Limited (TKML) and it is an authorized dealer of TKML.
The group was promoted by Mr. M Subrahmanyam (Chairman), who has
more than five decades of experience in trading and more than two
decades of experience in automobile industry. Mr. M Srinivas
(Managing Director) has more than two decades of experience in
automobile industry. The group comprises of four automobile
companies namely Radha Krishna Automobiles Private Limited, Radha
Madhav Automobiles Private Limited, Leela Krishna Automobiles
Private Limited and Yashoda Krishna Automobiles Private Limited
located in Andhra Pradesh and Telangana. These four companies are
in to similar line of business catering to different regions in
both states. RAPL and LKAPL are operating in the state of Andhra
Pradesh, whereas RKAPL and YKAPL are operating in the state of
Telangana with a total of 15 showrooms in both the states.


RADHARAMAN COTGIN: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Radharaman
Cotgin Private Limited (RCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

RCPL, incorporated in 2012, is engaged in ginning and pressing of
cotton; its facility is at Balangir in Odisha. The company
undertakes job work for Cotton Corporation of India.


RAMADA ALLEPPEY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramada
Alleppey (RA) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        17.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RA for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RA is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of RA
continues to be 'CRISIL D Issuer Not Cooperating'.

RA, set up by Mr Regi Cherian as a proprietorship firm in 2012, is
a luxury hotel in Alappuzha.


RAMI CHANDIDAS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rami
Chandidas Rice Mill Private Limited (RCRMPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.04       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             3.36       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with RCRMPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
RCRMPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of RCRMPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Formed in 2011 by Mr. Asesh Kumar Pal and Mr. Jagabandhu Pal,
RCRMPL manufactures and trades in parboiled rice. Its manufacturing
facility is in Birbhum, West Bengal. The milling unit became
operational in March 2013. The company derives most of its revenue
from traders in Bihar, West Bengal, Assam, and Meghalaya, and the
rest from FCI.


ROYSONS CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Roysons
Ceramics Private Limited (RCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             12.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RCPL for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RCPL continues to be 'CRISIL D Issuer Not Cooperating'.

RCPL, incorporated in August 2016, manufactures products such as
general castable, calcined clay, high alumina castable and mortar,
magnesite ramming mass, and bed materials. The plant in Burdwan
(West Bengal) has production capacity of 31,200 tonne per annum.
Commercial operations started from February 2018. Mr Saubhik Ray,
Mr Subhankar Ray and Mr Gopal Ray are the directors.


SADARAM GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sadaram
Ginning And Pressing Industries (SGPI) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGPI for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SGPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGPIcontinues to be 'CRISIL D Issuer Not Cooperating'.

SGPI was set up in 2014 by Mr. Dashrath Bhatiya. The firm is
engaged in ginning and pressing of raw cotton. Its ginning unit is
based in Patan (Gujarat). Since last three years the manufacturing
facility is non-operational.


SAS TRADING: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SAS Trading
Company (STC) continue to be 'CRISIL C Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5           CRISIL C (Issuer Not
                                     Cooperating)

   Term Loan             1.92        CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with STC for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of STC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STC continues to be 'CRISIL C Issuer Not Cooperating'.

STC, set up in August 2014 in Kollam (Kerala), trades in polyvinyl
chloride (PVC) pipes, sanitary items, tiles, home improvement
products, and construction products. The firm is promoted by Mr.
Ajithkumar K, Ms. Mini Kumari D, and Mr. Sarju S.



SILICA HEALTHCARE: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Silica
Healthcare Private Limited (SHPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       68          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)
   
   Long Term Loan        0.32       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated June 6, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SHPL to 'CRISIL B+/Stable Issuer not
cooperating'.

SHPL was incorporated in year 2020. SHPL is currently setting up a
plant to manufacture Intravenous (IV) Fluids in District -
Vaishali, Bihar with installed capacity of IV Fluids by ISBM Line
of 600 Lakh Bottles per annum and IV Fluids by FFS Line of 240 Lakh
Bottles per annum.

The plant is expected to be commissioned in May 2024.

SHPL is owned & managed by Mr. Abhinav Mayank and Mr. Amrendra
Kumar.


TIRUPATI COTTON: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tirupati
Cotton Corporation (TCC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.78       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated June 8, 2023,
placed the rating(s) of TCC under the 'issuer non-cooperating'
category as TCC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TCC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 23, 2024, May 3, 2024, May 13, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Sendhwa (Madhya Pradesh) based Tirupati Cotton Corporation (TCC)
was incorporated in April 22, 2016 by Mr. Anant Kumar Tayal, Mrs
Namita Tayal and Mr. Tushar Pathak. The firm is engaged in the
business of cotton ginning and pressing at Ralkode Mandal,
Telangana. The plant of the firm has installed capacity to
manufacture cotton bales of 350 Bales per day (BPD). It procures
raw cotton directly from local mandis.


TRV GLOBAL: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of TRV Global
Exports Private Limited (TGEPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     14.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 24, 2023,
placed the rating(s) of TGEPL under the 'issuer non-cooperating'
category as TGEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TGEPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 9, 2024, March 19, 2024, March 29, 2024.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

TRV Global Exports Private Limited (TGEPL) was formerly known as
TRV Exports which was promoted by Mr. N. Shiva Kumar in the year
1999 as a partnership firm. Subsequently, TRV Exports was converted
into private limited company on August 28, 2007 and name of the
entity changed to current nomenclature i.e. TGEPL. TGEPL is engaged
in processing and trading of granite slabs and blocks. TGEPL
provides a varied range of quality granite products to its clients
that cater to the requirements of constructions like buildings,
hospitals, hotels and other housing projects. The key raw material,
granite rough blocks, are mainly procured from its owned & leased
quarries located at Karimnagar, Telangana. The quarry operations
are highly mechanized with TGEPL deploying a host of
machineries/equipment viz. Volvo Excavators, Diamond Wire Saws,
Hydraulic Multidrilling Rod Compressors, Dumpers, Loaders and
Tippers. The raw granite blocks are dressed on wire-saws and
monoblade dressers before transporting from stockyard for
dispatch.


VARUN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Varun Exports
(VE) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Letter Of Guarantee    0.05        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit       0.20        CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit         7.50        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     1.21        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with VE for
obtaining information through letter and email dated June 11, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of VE
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up as a partnership firm in 1985, VE manufactures leather
footwear in Agra, Uttar Pradesh. Its operations are managed by Mr
Arun Ahluwalia and his son, Mr Varun Ahluwalia.


ZOOM DEALCOMM: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Zoom Dealcomm Private Limited
        66 Nalini Seth Road, Ground Floor
        Kolkata, West Bengal, India - 700007

Liquidation Commencement Date: July 1, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Sriram Mittal
            Sriram Mittal & Co.
            Room No 611, 6th Floor
            P-41, Princep Street
            Kolkata, West Bengal 700072
            Email: srirammittal.ey@gmail.com

            -- and --

            Chitrakoot Building, Room No. 98
            9th Floor, 230A, A.J.C. Bose Road
            Kolkata 700020
            Email: cirp.zoondealcomm@gmail.com

Last date for
submission of claims: July 31, 2024




=================
I N D O N E S I A
=================

SORIK MARAPI: Fitch Gives BB+(EXP) Rating on New 7-Yr. Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+(EXP)' to the
proposed seven-year senior secured notes due 2031 to be issued by
PT Sorik Marapi Geothermal Power (SMGP). The Outlook is Stable.

RATING RATIONALE

The expected rating reflects SMGP's credit profile, which is 95%
held by OTP Geothermal, ultimately owned by Kaishan Group Co.,Ltd.
SMGP benefits from long-term power purchase agreements (PPAs) for
the sale of electricity from its geothermal power plant with
Indonesian state-owned power company, PT Perusahaan Listrik Negara
(Persero) (BBB/Stable). The payment mechanism under the PPA is
based on a take-or-pay (TOP) basis for 90% of the latest unit rated
capacity (URC), which will be tested annually or as needed. The
fixed-price PPAs with escalation and TOP mechanism effectively
insulate the project from merchant revenue risk.

SMGP uses innovative technology in geothermal power generation,
which differs from conventional centralised power plant technology
at other Indonesian geothermal sites. The technology has been in
commercial use at another geothermal project located in Alaska, US,
since 2014.

The expected rating also reflects the cost-plus nature of SMGP's
operations and maintenance (O&M) contracts, the limited stabilised
operating record of its plant, a potential production decline,
refinancing risk from the partially amortised structure of the
proposed notes and SMGP's reliance on mandatory cash sweeps (MCS).
Refinancing risk will rise if MCS do not materialise.

Fitch assesses the financial profile using the debt service
coverage ratio (DSCR) over the life of the proposed notes and
refinancing period, which ends in 2041. The DSCR during the
refinancing period assumes that outstanding principal will be
refinanced on maturity by fully amortising debt until the
capacity-weighted economic life of 20 years from each unit's
commercial operation date. The DSCR over the note tenor and
refinancing period averages 3.0x and 2.9x, respectively, under its
rating case.

The achieved DSCRs are commensurate with a stronger credit profile,
but the expected rating is hampered by the limited stabilized
operating record, the uncertain timing, amount and success of
drilling program and uncertain revenue from a potential production
decline.

KEY RATING DRIVERS

Innovative Technology, Cost-Plus Nature O&M - Operation Risk -
Weaker

SMGP employs a cutting-edge but commercially proven technology and
is operated by a skilled in-house team, complemented by
shareholder-provided technical consultancy services. The support
encompasses training for personnel and the provision of spare parts
for the Organic Rankine Cycle and steam expanders. However, the
cost-plus framework of O&M arrangement leaves the plant prone to
potential cost overruns and the possibility of operational
underperformance.

In addition, the potential decline in the geothermal reservoir's
productivity requires continuous capex, adding uncertainty to plant
operations. The risk is alleviated by the major maintenance reserve
account, to be credited annually with 25% of total make-up well
capex for 2027-2029 over 2025-2028 and with 33% of total make-up
well capex for 2032 over 2029-2031. The plant is also exposed to
geological risks, such as earthquakes and landslides, which are
common challenges for geothermal facilities in Indonesia. These
additional considerations further constrain its operational risk
assessment to 'Weaker.'

Inherent Resource Volatility, Limited Curtailment Risk - Revenue
Risk - Volume - Midrange

The geological complexities of geothermal reservoirs result in only
estimated geographic output, posing long-term supply risk.
Simulations by an independent technical advisor showed that the
project can be maintained at a power output level of 173 megawatts
electric (MWe) until 2035 and 135 MWe until 2051, with appropriate
reservoir maintenance. Over-extraction, droughts, earthquakes or
improper maintenance could accelerate decline rates and shorten the
resource's economic life. The historical power decline rate is
6%-7%. This improved to 2% in the past few months, but the record
is limited.

SMGP projects a long-term decline rate of 2.5%, supported by a
capex plan developed with the independent technical advisor. This
estimate relies on the success of drilling in the reservoir's
undrilled margin and will be recalibrated over time, introducing
uncertainty. The PPA allows for adjustment in TOP terms based on
URC instead of installed capacity. The URC can be adjusted as
needed without penalty, but a lower URC will reduce generation and
consequently revenue. The risk of generation curtailment is
mitigated by the TOP structure of the PPA.

Supportive Long-Term PPA, Indexed Price - Revenue Risk - Price -
Stronger

All power generation is eligible to be dispatched under the
fixed-price PPA with an investment-grade offtaker, insulating the
project from merchant price fluctuation, while 25% of the power
tariff is tied to the US Producer Price Index, allowing it to
adjust in line with inflation. The value of the adjusted portion
almost mirrors operating costs, providing insulation from inflation
risk. Meanwhile, the tariff is denomination in US dollars, which
alleviates foreign-currency risk. These attributes lead to a
'Stronger' revenue price assessment.

Partially Amortising Debt, Manageable Refinancing Risk - Debt
Structure - Midrange

The security package includes the issuer's capital stock, security
over project accounts, assignment of shareholder loans and
fiduciary security over SMGP's insurance proceeds and its movable
and immovable assets. However, regulations restrict project
contracts, such as the PPA, from the package. Noteholders benefit
from a lock-up test at a backward-looking graded DSCR. Additional
debt is only permissible if projected DSCR exceeds 1.5x, with a
loan basket cap of USD15 million. There is also partial
amortisation of 6% over the note tenor, while a 54.3% MCS mitigates
refinancing risk.

Financial Profile

Fitch assesses the financial profile by the DSCR during the note
tenure and the refinancing period. The DSCR during the refinancing
period assumes the note's outstanding principal will be refinanced
on maturity by long-term amortising debt over the Fitch assumed
remaining project economic life until 2041.

Its base-case includes a steady decline rate of 3.0% from 2026,
against SMGP's 2.5% estimate, an O&M contract with Kaishan at 5.0%
of revenue, instead of the current contracted rate of 3.5%, and a
1.5% stress on the refinancing interest rate before withholding
tax, as assumed by the issuer. This results in an average DSCR of
3.3x over the note's life and 3.6x during the post-note refinancing
period.

Its rating-case assumes a higher steady decline rate of 4.5% from
2026 and a 15% rise in opex and capex. This results in an average
DSCR of 3.0x during the note term and 2.9x during the post-note
refinancing period.

PEER GROUP

Fitch regards Star Energy Geothermal (Salak-Darajat) Restricted
Group (SEGSD RG, senior secured rating: BBB-/Stable) as a
comparable peer. Both companies operate geothermal power plants in
Indonesia under long-term PPAs with a TOP structure. However, the
higher rating on SEGSD RG's notes is supported by its longer
operating history, larger economic scale, greater predictability of
energy production backed by a robust capex plan and a lack of
refinancing risk due to its fully amortized debt structure.

SMGP's metric of a 2.9x DSCR during the refinancing period under
its rating case is significantly stronger than SEGSD RG's 1.64x,
but SMGP's credit profile is constrained by long-term production
uncertainty and refinancing risk associated with its partially
amortised structure with MCS. SEGSD RG also benefits from economies
of scale and diversification across nine generation units at two
sites, with total capacity of 648MW. In comparison, Fitch expects
SMGP to operate five units at a single site, with total net
installed generation capacity of around 182MW and currently with
net capacity of 159MW for the existing four units.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- The average annual DSCR in its rating case dropping below 1.45x
for a sustained period.

- An adverse material environmental, social or governance issue
will trigger a negative event review or action.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- fITCH does not expect an upgrade in the near term, due to the
limited steady record and the uncertain capacity decline rate.

TRANSACTION SUMMARY

The proposed US-dollar note will be issued by SMGP directly, with
the proceeds used to repay a shareholder loan from Kaishan, bank
loans, account payable and to address other financial needs.

DATE OF RELEVANT COMMITTEE

04 July 2024

ESG CONSIDERATIONS

SMGP has an ESG Relevance Score of '4' for Management Strategy and
for Human Rights, Community Relations, Access & Affordability, due
to gas leakage issues during 2021 that sparked opposition among the
local community. The company has implemented countermeasures,
including enhanced occupational health and safety policies, gas
control training, community compensation, improved evacuation
procedures and better risk management, but the issue still has a
negative impact on the credit profile and is relevant to the
proposed note rating in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                     Rating           
   -----------                     ------           
PT Sorik Marapi
Geothermal Power

   PT Sorik Marapi
   Geothermal Power/Senior
   Secured Debt/1 LT            LT BB+(EXP) Expected Rating




===============
M A L A Y S I A
===============

SCOMI ENERGY: Seeks Six-Month Extension to Exit PN17 Status
-----------------------------------------------------------
The Malaysian Reserve reports that Scomi Energy Services Bhd has
applied for a six-month extension until Jan. 31, 2025, to submit
its regularisation plan to exit Practice Note 17 status, following
its decision to discontinue the previous plan and part ways with
M&A Securities Sdn Bhd on July 9, 2024.

The report relates that Mercury Securities Sdn Bhd, on behalf of
the Board of Directors of the Company, submitted the extension
application as the company transitions to an investment holding
firm with no current revenue-generating operations.

Despite earlier plans to diversify into construction and secure a
substantial contract, Scomi Energy faces ongoing financial
challenges, recording a net loss of MYR1.1 million for the nine
months ending March 31, 2024, The Malaysian Reserve discloses.

                         About Scomi Group

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.

In December 2019, Scomi Group Bhd slipped into Practice Note 17 (PN
17) status after shareholders' equity slipped below 25% of its
issued share capital and its equity dropped below MYR40 million
based on its financial results for the quarter ended June 30,
2019.

The company's shares were suspended on April 20, 2022, after Bursa
Securities rejected its request for a further extension of time to
submit its regularisation plan. The counter last traded at half a
sen on April 18, 2022.




=====================
N E W   Z E A L A N D
=====================

AKT INVESTMENTS: Grant Bruce Reynolds Appointed as Liquidator
-------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates on July 16, 2024, was
appointed as liquidator of AKT Investments 2019 Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


DOUBLE CLOUD: Court to Hear Wind-Up Petition on Aug. 2
------------------------------------------------------
A petition to wind up the operations of Double Cloud Limited will
be heard before the High Court at Auckland on Aug. 2, 2024, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 8, 2024.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


NZ LIVING: Creditors' Proofs of Debt Due on Sept. 24
----------------------------------------------------
Creditors of NZ Living Greenslade Limited are required to file
their proofs of debt by Sept. 24, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 16, 2024.

The company's liquidators are:

          Rees Logan
          Andrew McKay
          BDO Auckland
          Level 4 BDO Centre
          4 Graham Street
          Auckland 1010


SOS NO:1: Court to Hear Wind-Up Petition on July 25
---------------------------------------------------
A petition to wind up the operations of SOS No:1 Limited will be
heard before the High Court at Napier on July 25, 2024, at 2:15
p.m.

Plumpton Park Estate Limited filed the petition against the company
on July 5, 2024.

The Petitioner's solicitor is:

          Anna Barnett
          Sainsbury Logan & Williams, Solicitors
          61 Tennyson Street
          Napier 4110


STRAND CAFE: BDO Tauranga Appointed as Receiver and Manager
-----------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on July
18, 2024, were appointed as receivers and managers of The Strand
Cafe and Bar 2024 Limited.

The receivers and managers may be reached at:

          c/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          Tauranga 3144




===============
P A K I S T A N
===============

PAKISTAN: Looking For External Financing Avenues
------------------------------------------------
Reuters reports that Pakistan will focus on meeting its external
financing needs by speaking with foreign governments and lenders to
draw foreign investment as well as seeking loan rollovers, the
country's finance minister told Reuters on July 19, as his
government prepares to execute its new $7 billion International
Monetary Fund agreement.

Pakistan and the IMF reached an agreement for the 37-month loan
program this month, Reuters notes. Tough measures such as raising
tax on agricultural incomes and lifting electricity prices have
prompted concerns about poor and middle class Pakistanis grappling
with rising inflation and the prospect of higher taxes.

Pakistan has relied heavily on IMF programmes for years, at times
nearing the brink of sovereign default and having to turn to
countries such as the United Arab Emirates and Saudi Arabia to
provide it with financing to meet external financing targets set by
the IMF.

According to Reuters, Finance Minister Muhammad Aurangzeb said in
an interview that external financing continued to be an important
component, though the government was seeking to focus on more
sustainable forms such as direct investment and climate financing.

"I think in the existing situation we can expect those (loan)
rollovers to continue to take place ... we have requested extension
of maturities," Reuters quotes Mr. Aurangzeb as saying.

Rollovers or disbursements on loans from Pakistan's long-time
allies Saudi Arabia, the United Arab Emirates and China, in
addition to financing from the IMF, have helped Pakistan meet its
external financing needs in the past.

Reuters relates that the IMF said the new Extended Fund Facility
program is subject to approval from its Executive Board and
obtaining "timely confirmation of necessary financing assurances
from Pakistan's development and bilateral partners".

Mr. Aurangzeb said that meeting the external financing gap was
"very manageable and very doable".

He said Pakistan plans to expand its strategy beyond relying
heavily on rollovers and toward foreign direct investment,
including in the huge copper and gold Reko Diq mine in southern
Pakistan, Bloomberg relays. He added his government was working on
identifying "bankable and investable" projects for Saudi Arabia and
the United Arab Emirates, which have announced interest in billions
of dollars in investment in Pakistan.

"That is what's going to lead to sustainability," he said. "If we
can't get this executed in the next three years, we will not be
able to get out of the 'last' program."

Pakistan has been plagued by boom-and-bust cycles for decades,
leading to more than 20 IMF bailouts since 1958. It is currently
the IMF's fifth-largest debtor, owing $6.28 billion as of July 11
according to IMF data.

Reuters adds that Mr. Aurangzeb said the Reko Diq copper and gold
mine project had drawn interest from the World Bank's private
investment arm, the International Finance Corporation (IFC), which
had signalled it would invest a "large amount".

Mr. Aurangzeb said that during a trip to China that he plans by the
end of July, Islamabad will discuss power sector structural reforms
with Beijing that have been suggested by the IMF. Beijing has set
up over $20 billion worth of planned energy projects in Pakistan.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Fitch Ratings affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.




=====================
P H I L I P P I N E S
=====================

DEL MONTE: SGX Quizzes Co. on PHP1.8BB Loans From Campos' Firms
---------------------------------------------------------------
Bilyonaryo.com reports that the Singapore Exchange Securities Ltd.
(SGX) has questioned loss-making Del Monte Pacific Ltd. (DELM) on
the $31 million (PHP1.8 billion) in loans it received from entities
related to its majority owner, bilyonaryo Joselito "Butch" D.
Campos Jr.

According to Bilyonaryo.com, SGX asked DELM, listed on the SGX
since 1999, to elaborate on its relationship with its affiliate
Aviemore and explain why the $31 million transactions were not
reported as interested party transactions for the fiscal year
ending April 30, 2024.

Bilyonaryo.com relates that DELM said that since the $19 million
advances from Bluebell is interest free, there was no need to
report the transaction under IPT rules.

For the $12 million borrowed from Aviemore, DELM stated it would
pay seven percent interest per year, amounting to $840,000, which
is just a fraction of its market cap or total assets,
Bilyonaryo.com says.

Since DELM is only required to report the interest and not the
principal, the IPT value of the Aviemore loan is $840,000,
representing the interest payable on the borrowing.

Bluebell, which holds a 9.76 percent stake in DELM, is wholly owned
by Golden Sunflower International Limited.

Golden Sunflower is owned by the Twin Palms Pacific Trust, with
beneficiaries including Campos and his children.

The Campos family's NutriAsia Pacific Ltd. is the other major owner
of DELM, with a 71 percent stake.

Bilyonaryo.com notes that DELM is currently in negotiations with
creditors to restructure PHP29 billion in loans set to mature
within the next 12 months.

The company is grappling with net liabilities of $2.28 billion, as
its financial leverage has worsened following $127 million in
losses over the past year, Bilyonaryo.com discloses.

Del Monte Pacific Limited produces and markets packaged vegetable
and fruit, beverage and culinary products. The Group has the
exclusive right to use the Del Monte brand for packaged products in
the USA, South America, Philippines, the Indian subcontinent and
Myanmar, and the S&W brand for both packaged and fresh products
globally except Australia and New Zealand.




=================
S I N G A P O R E
=================

ASLAN PHARMACEUTICALS: Placed in Provisional Liquidation
--------------------------------------------------------
Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) on July
17, 2024, were appointed as Provisional Liquidators of Aslan
Pharmaceuticals Pte. Ltd.

The Provisional Liquidators may be reached at:

          Luke Anthony Furler
          Tan Kim Han
          c/o Quantuma (Singapore)
          137 Amoy Street
          #02-03 Far East Square
          Singapore 049965


CRETE M&C: Court to Hear Wind-Up Petition on Aug. 2
---------------------------------------------------
A petition to wind up the operations of Crete M&C Services Pte Ltd
will be heard before the High Court of Singapore on Aug. 2, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 10, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


KIM FA: Commences Wind-Up Proceedings
-------------------------------------
Members of Kim Fa Foodstuff Pte Ltd, on July 12, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Mr. Chua Kaw Kia @ Chua Soo Chiew
          101 Upper Cross Street
          #06-11 People's Park Centre
          Singapore 058357


OPHELIA WILD: Court to Hear Wind-Up Petition on Aug. 2
------------------------------------------------------
A petition to wind up the operations of Ophelia Wild Pte Ltd will
be heard before the High Court of Singapore on Aug. 2, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
July 12, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


SEABIRD EXPLORATION: Commences Wind-Up Proceedings
--------------------------------------------------
Members of FLA Pte Ltd, on July 10, 2024, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidators are:

          Lim Soh Yen
          Tan Suah Pin
          133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2024.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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